Does Living Frugally Make You Happier?

It’s the first of the year and many are thinking about New Year’s resolutions. A popular resolution is saving money or living more frugal. But, does living frugal make you happy? The perception is that spending money will make you happy. However, it usually leads to more problems down the road; namely heavy debt. That debt then leads to stress, worry and unhappiness. It may be hard to believe but living frugally can make you happier than living lavishly.

If you’d like to start to live more frugally, get focused by establishing a goal. Write down your objective and place reminders of your goal where you’ll see them often. A few things to remember about living frugally, you will learn to repurpose, you will begin having more experiences than objects, you will find joy in helping others because you have more money, and your debt will disappear.

Here’s a few ways to get started. The savings will amaze you.

Start small
Make a list of what you’d like to do, how much money you’ll need to achieve it, and make a plan. Brown-bag your lunch instead of eating out. Make a weekly meal plan and cook your meals at home.

Consolidate debt
If you have credit card debt, consolidate the debt into one loan or into a single, lower-interest Five Star credit card to save on interest charges. Once you’ve consolidated your credit card debt, keep your oldest card, but use it infrequently and close all others.

Stretch your money
When grocery shopping, clip coupons and look for sales. Find ways to lower your monthly bills. Consider giving up your cable service and stream.

Give frugal living a try. You have nothing to lose but debt – and only happiness to gain!